Finance Authority Provides Financing to Grandview Yard Project

December 19, 2009

Nationwide Realty Investors has secured infrastructure financing for the first phase of the Grandview Yard development. The Columbus-Franklin County Finance Authority has issued $12 million in tax-exempt bonds to support the project. The infrastructure financing is essential for the development of the proposed 90-acre mixed-use project located between Goodale and West Third Avenue in the City of Grandview Heights.

“Working with Nationwide Realty Investors and the City of Grandview Heights on a project that is national in scale demonstrates the capability of the Finance Authority to help finance significant public-private partnerships” said Board Chair Jules Garel.

The Grandview Yard infrastructure improvements are anticipated to be more than $100 million over a multi-year period. The first phase improvements support development that covers approximately 12-acres on the southern edge of the 90-acre site. The infrastructure will include new roads within the site, improvements to roads off-site, utilities necessary to support the first phase, and a two-level parking deck with 509 spaces.

The infrastructure improvements enhance the development of the first three commercial buildings being constructed. The first phase includes a 126-room Hyatt Place Hotel, a 92,000 sq. ft. office building to house M&A Architects along with Jason’s Deli, and a 42,000 sq. ft. Urban Active Fitness facility. The new development will create 376 full-time jobs. Project completion is expected in the fall of 2010.

“The Columbus-Franklin County Finance Authority’s efforts on Grandview Yard are greatly appreciated. We look forward to working with the Finance Authority to build a ‘win-win’ relationship over the long term” said Brian Ellis, Nationwide Realty president and chief operating officer.

The Columbus-Franklin County Finance Authority has completed its third year of operations and has issued $90.7 million in bond financing closing on 10 projects that will invest more than $146 million and create1,200 jobs in Central Ohio. The Finance Authority offers creative and alternative financing tools, focusing on job growth, to new and existing companies looking to expand or relocate services to the area. The Finance Authority also provides assistance to community redevelopment projects.